Answers2102320-Economics HONORS - Edgenuity TeacherComparative and Absolute Advantage

Comparative and Absolute Advantage Answers

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1
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Which scenario is the best example of an opportunity cost?

A
A computer company issues a recall on its tablets.
B
A computer company produces fewer laptops to meet tablet demand.
C
A computer company reduces the price on last year’s models.
D
A computer company stops making computers with CD/DVD drives.
2
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Carmen wants to open her own coffee shop. She has narrowed down a list of wholesale retailers and their cost per pound of coffee beans. Whole Sale Company Cost per lb.Café con Leche$8.50Beans Brothers$7.50Colombian Co.$11.25Turkish Coffee Company$6.25Which company has the comparative advantage in cost per pound of coffee?

A
Café con Leche
B
Beans Brothers
C
Colombian Co.
D
Turkish Coffee Company
3

[BLANK]

A
Production possibility
B
Absolute advantage
C
Competition
D
Specialization
4

A producer with a comparative advantage has the ability to produce a good or service at

A
a lower opportunity cost than any competitor can.
B
a faster rate than any competitor can.
C
a greater volume than any competitor can.
D
a lower cost than any competitor can.
5

[BLANK]

A
higher
B
lower
C
multiple
6

This table shows the cost of producing ice cream for several manufacturers.Manufacturer Amount Produced CostThe Dairy 100 gallons $10 Ice Cream, Inc. 100 gallons $15 Frozen Treats 150 gallons $12 Bob & Gary’s 125 gallons $15 Which manufacturer has the absolute advantage?

A
The Dairy
B
Ice Cream, Inc.
C
Frozen Treats
D
Bob & Gary’s
7

Which best describes how consumers may benefit from specialization?

A
Consumers can only purchase high-quality goods.
B
Consumers have more price options.
C
Consumers receive more sale offers.
D
Consumers find products at lower prices.
8

Which best describes how producers benefit from specialization?

A
Producers can increase their profits.
B
Producers can expand their market.
C
Producers can offer a wider range of goods.
D
Producers can increase sales.
9

Which best explains why producers choose to specialize? Choose two answers.

A
to increase competition
B
to gain a comparative advantage
C
to decrease the amount of goods produced
D
to maintain market share
E
to increase efficiency
10

Which of these best describes an opportunity cost?

A
a win-win
B
a loss
C
a chance
D
a trade-off

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